President Trump has announced the immediate dismissal of Federal Reserve Board member Lisa D. Cook, citing allegations of providing false information in mortgage agreements. The decision, made under Article II of the US Constitution and the Federal Reserve Act, follows a criminal referral report by the Federal Housing Finance Agency. The report, filed on August 15, accuses Cook of fraudulently declaring properties in Michigan and Georgia as her primary residence in separate documents. This development casts doubt on her integrity and competence as a financial regulator.